Forex4you Technical Analysis

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Forex4you Technical Analysis 22 Feb 2011

EUR/USD: Technical Analysis

The EUR/USD has rolled over and swiftly fallen to key support at the trendline from the 14th Feb lows. It may be there will be a correction from this level as it is also the 61.8% Fibonacci retracement of the previous rally. Counting the Elliot waves in the fall we are either still in 3 or perhaps have begun wave 4. This morning there was a bounce which could be a nascent wave 4, with a likely target of 1.3605. However, there is also a chance the exchange rate could fall again or go sideways. A fall would find support at 1.3530 and strong support lies at 1.3445.

GBP/USD: Technical analysis

Previous assumptions about further correction turned out to be correct - the price continued to decline and it's currently testing level 1.6140/50, mentioned previously as the target on the way to level 1.5890/80. MACD and R% indicators suggest a decline, albeit SS is still being overbought, which somewhat offsets expectations of the "bearish" trend. Nevertheless, if the tested level is breached, we'll be expecting the price to reach support level 1.5890/80. Reversal to growth will suggest target level test at 1.6330/00 – long-term trend line (green).

Analysis by: Arkady Nagiev
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analysis 24 Feb 2011

EUR/USD: Technical Analysis

EUR/USD quite bearish short term as the exchange rate is currently bumping up against resistance from the upper channel line of the recent move. Wave patterns also point to the conclusion of an Elliot wave at or near the current highs. There is a bearish Demark setup on the 4-hour chart. Prices are likely to fall and when they do 1.3700 might support initially although substantial support doesn’t kick in until you reach 1.3620 where the trendline from the lows of the 10th January is. A push higher targets resistance at the old highs at 1.3860.

GBP/USD: Technical analysis

The strength of resistance at 1.6260/70 triggered a sideways consolidation, as expected previously. The price remained within the range 1.6270- 1.6140/50. Trading is currently carried out at 1.6170/80. Indicators suggest further sideways movement within the range. Target level 1.6330/00 test is still a possibility. At the same time, MACD divergence indicates that a large-scale pullback is about to commence. The first signal for that will be received when the trades hold below support level 1.6140/30, which means that revised uptrend line (red line) will be breached as well.

Analysis by: Arkady Nagiev
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analsis 25 Feb 2011

EUR/USD: Technical Analysis

The current rally looks complete and yesterday’s prediction of a fall still holds. There has been a throw-over of the upper channel line but prices should fall back down again presently. The support and resistance level at 1.3750 provides an initial target with the bottom of the channel at 1.3700 as the final target. If there is a rally higher however I would expect it to reach the 1.3860s, where it would encounter resistance from the upper Bollinger band at 1.3864 as well as the level of the previous highs at 1.3860.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analysis 01 March 2011

EUR/USD: Technical Analysis

Level 1.3850 proved its status of the key resistance on the way up. The price stopped at this barrier and began consolidating within the range 1.3850-1.3780. Indicators, however, are turned upwards, which gives reasons to expect further growth, probably to level 1.3900/10. It's also worth considering a possibility of a pull back from the current levels as well. Decline below support at level 1.3720/10 will indicate cardinal changes in the market moods.

Analysis by: Arkady Nagiev
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analysis 03 March 2011

EUR/USD: Technical Analysis

The EUR/USD is still rallying and it will probably go a little higher perhaps to the band of resistance at the 1.3910 level. However, there is evidence of a possible decline on the horizon too. The exchange rate has reached an important resistance line at 1.3860, the move up from the Jan lows looks complete, and there is a demark sell signal. If prices drop they will probably reach the 1.3750 area initially where there is support from former lows and the trendline of the move up from the Jan lows.

GBP/USD: Technical Analysis

The "bulls" failed to hold above the key resistance at level 1.6300/20. The price is currently pulling back downwards. At the moment it resides at level 1.6260/70. Indicators suggest considering a possible reversal, which gives reasons to expect a large-scale pull back downwards. If the tested level is breached, the price may then test support at 1.6220/10 and then at 1.6140/50. If both barriers are breached, growth in this instrument will probably be over, at least for the nearest outlook. Until support 1.6260/70 is safe, there are still chances for growth to the new maximums at1.6450/80, mentioned in the previous analysis. Support 1.5910/00 breakout will indicate a reversal to the "bearish" trend.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analysis 04 March 2011

EUR/USD: Technical Analysis

Resistance breakout at 1.3900 would indicate the "bullish" dominating trend. The price rose to level 1.3950/60 and it's currently consolidating right around this resistance level. Indicators suggest further growth to the next resistance - level 1.4080/40, which may not only hinder growth, but trigger a large scale pull back downwards as well. Even a reversal is a possibility. A fall below strong support level 1.3900/1.3880 will indicate a more serious decline. Resistance breakout at 1.4080, on the other hand, suggests growth to the range 1.4250-1.4350.

GBP/USD: Technical Analysis

Support level 1.6260/70 was breached, giving reasons to expect support levels at 1.6220/10 and then at 1.6140/50 to be tested in the near future. The price has recently come close to the first barrier, it now resides at levels 1.6240/30. Indicators turned their readings downwards, suggesting further down trend. Nevertheless, the "bulls" still have chances to recommence their growth and raise the price to the new maximums at 1.6450/80, mantioned previously. Growth above level 1.6300 will indicate the "bullish" victory.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analysis 8 March 2011

EUR/USD: technical analysis

The EUR/USD pair rallied up to 1.4050 as anticipated and then met stiff resistance from the juncture of major trendlines there. It has rolled over and fallen to 1.3920. There is a channel line supporting at 1.3915 but if it breaks through then that opens the way down to the target for the H&S pattern on the hourly chart at 1.3872. There is also support and resistance at 1.3860; and statistically we know there is good chance price will close above 1.3850. This seems to point to an eventual downside target in that region. However, price may bounce temporarily to perhaps 1.3990 before resuming. This is probably the wave 4 from the 14th Feb lows and if so it has further to unfold.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analysis 9 March 2011

EUR/USD: technical analysis

The EUR/USD fell as predicted. It is currently consolidating above support at the 1.3860s. Yesterday I wrote this fall was: “probably an (Elliot) wave 4 of the move up from the 14th Feb lows and if so it has further to unfold.” This analysis still holds true although it is now nearer completion - if not finished. The Demark buy setup on the 4-hourly adds bullish bias and wave 5 could be about to start right now or 4 may have a little lower to go – wait for the break. Target for 5 is around 1.4050. More downside, however, could target 1.3820.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analysis 10 March 2011

EUR/USD: fractal analysis - downward movement

We are currently in the middle of an interesting situation. The two scenarios mentioned in the previous forecasts are both possible. Besides that, there's some uncertainty in the market due to the lack of significant economic data for the last two days. So, fractal analysis can be used not only to project high-probability price movements, but also to detect the periods of uncertainty.
Today is likely to be rich in significant economic reports. Traders should pay special attention to the US employment data and trade balance. US retail sales index will be in the spotlight tomorrow, on Friday.

The generator is 95% sure, that low at 1.3860 will be eventually breached and the price will proceed to 1.37. (main outlook), the alternative scenario has been described in the previous forecast.

EUR/USD: technical analysis

Support 1.3850/40 was breached, which gave more reasons to expect level 1.3740/20, mentioned previously, to be tested. Trading is currently carried out at 1.3830/40. But the breakout is not enough. The "bears" have to hold the price below 1.3850/40 as well, which they are now trying to accomplish. Indicators are turned down, anticipating further "bearish" trend. At the same time, support 1.3780 is one more barrier, that stands in the way to the target, which breakout would indicate the "bearish" victory and suggest to expect level 1.3740/20 test in the near future. It's worth noting, that a down trend may extend to even lower levels, below the previously mentioned target.

EUR/USD: technical analysis

EUR/USD has fallen heavily to support at 1.3805 from where it has bounced back temporarily but we will probably get a retest of the 1.3805 lows as wave 4 finishes and then possibly a reversal and rally higher as Elliot wave 5 gets underway. There is substantial resistance at 1.3800 from the trendline of the whole move up from early January and this could provide the necessary platform from which to mount the rally.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

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Forex4you Technical Analysis 11 March 2011

EUR/USD: technical analysis

We are witnessing a break of the major trendline from the January lows which has been providing support at 1.3800 so there is a strong possibility wave 4 still has further to go perhaps to 1.3740, which is a the key Fibonacci 50% retracement level or the pivot at 1.3700. A break above 1.3860 would be required to give a stronger signal that wave 5 was underway. Meanwhile the move lower continues.

GBP/USD: technical analysis

Decline below 1.6150/40 suggested the "bearish" trend as more probable. The price continued to decline and breached the next support at level 1.6100, which had been previosly anticipated as the key support for the "bearish" trend. Trading is currently carried out at 1.6030/20. Indicators are turned down, which may be considered as a sign of reversal, that eventually took place, and further decline. The next support stands at level 1.5980/90 and it has all chances to hold back a decline. However, sideways consolidation may begin from the currently tested level 1.6030 as well. Should the price rise above resistance 1.6150/40, reversal to growth will be a possibility.

EUR/USD: technical analysis

Previous forecasts seem to have been correct and support level 1.3780 turns out to be a strong barrier to hold back a decline. The price tested level 1.3775 and pulled back upwards. At the moment it resides at level 1.3830/40. Indicators are turned down, although the readings seem to be weakening, suggesting a sideways correction within the range 1.3850 – 1.37780/75. Level 1.3850 breakout with the following fixation above will indicate the "bearish" weakness and give reasons to consider reversal to growth. However, downward movement is more likely at the moment. When the anticipated consolidation is over, the price is likely to decline to the previously mentioned target at level 1.3740/20. The are also chances to see a down trend extending to even lower levels.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.